Home shopping and education supply company Findel today said underlying profits grew 28 per cent to £26.5m.

The Hyde based outfit is the parent company of Kitbag in Chadderton, Express Gifts in Accrington and Findel Education.

After recently selling Kleeneze, Findel said revenues in the 52 weeks to March 27 jumped 2.8 per cent to £468.2m.

Findel's largest business, Express Gifts, saw sales rise to £302m and operating profit up at £33.5m.

Kitbag grew revenues by 11.7 per cent to £74.4m in the period while operating losses fell to £1.2m from £4.1m.

Findel Education however had a more difficult year with sales down by 6.5 per cent to

The listed group also said debt was down 10.6 per cent to £86.9m.

Chairman David Sugden, said: "We are confident that the new management team in place at Findel Education, together with a sharper market focus, will deliver an improvement in performance over the medium-term. Kitbag has delivered a substantial recovery and has started to capitalise on the significant growth opportunities open to the business.

"Overall, we expect to achieve further profit growth, which together with a further reduction in core debt, will deliver improved returns for shareholders."